According to a famous Twitter analyst and the Co-founder and CEO of Blockstream, Adam Back, MicroStrategy, a prominent player in the crypto ecosystem, is likely to continue its aggressive Bitcoin acquisition strategy. Back (@adam3us) posted on Twitter, speculating that the enterprise software company might procure around 300 bitcoins per day over the forthcoming months. This implies an ambitious total of roughly 10,000 bitcoins per month.

Back, a renowned figure in the crypto space and a prominent Bitcoin advocate, stated:

“my guess is $MSTR will be quietly and continuously buying to tune of about 300 btc/day for the next few months, day in day out. but you know go ahead and sell @saylor your bitcoin under $30k.”

Michael Saylor, the CEO of MicroStrategy, is known for his unwavering faith in Bitcoin and has directed his firm to invest heavily in the premier digital currency. MicroStrategy is one of the few publicly-traded companies in the US that have placed large parts of their treasury reserves in Bitcoin.

Further, the top-notch analyst indicated that the funding for these acquisitions might come from the at-the-market (ATM) offering of MicroStrategy stocks worth up to $750 million.

While some Twitter users questioned this strategy, wondering about its sustainability, Back defended Saylor’s approach. He noted that these substantial purchases were announced only after completion, suggesting a strategic approach rather than a spur-of-the-moment decision.

In response to a user questioning the end goal of such a strategy,

Back opined, “I mean if [I] had more fiat or a way to get it I’d be buying more Bitcoin too. I’m sure you can do something constructive to build the bitcoin future if you have more capital.”

MicroStrategy’s Bitcoin buying spree, if Back’s speculation proves accurate, is likely to further shake the crypto market and have potential impacts on Bitcoin’s price. The strategy could also trigger increased institutional interest in Bitcoin, particularly if the company continues to prosper despite the volatile crypto market conditions.

As of August 1, 2023, MicroStrategy owns 152,800 bitcoins in total, according to their second-quarter financial results press release. The average purchase price per bitcoin is $29,672, according to the same press release. It is important to note that the number of bitcoins owned by MicroStrategy may change in the future, as the company has announced plans to sell up to $750 million of stock, possibly to acquire more BTC. Additionally, MicroStrategy has taken a $24.1 million impairment charge on its bitcoin holdings in Q2 2023.

The post MicroStrategy Will Continue Buying Up To 300 Bitcoin Per Day: Analyst Predicts appeared first on CaptainAltcoin.

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